After striking out with my last lathe purchase (craftsman) I have a chance to get a delta 46-700c lathe, 10+ cutters, 2 sets of jaws, unichuck, several books and more for 500

Should I?

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Only if it's cheap enough. I had one. I wasn't a terrible lathe but also wasn't that great. Today's mini lathes with a bed extension are much better performers and not really that much more expensive.
The biggest problem with that lathe was the vibration. It's not that smooth running. The problem is the adjustable pulleys that give it variable speed. You also need to keep these cleaned and lubricated so they work smoothly.
All in all I enjoyed it when I had it. One of the pulleys broke and it was going to take several weeks to get a new one. I ordered a Nova comet mini lathe because I needed a lathe to finish an order. It ran so much smoother and quieter that I sold the Delta and never looked back.
I would look up the price of a 12" mini lathe from Woodcraft or craft supplies and would not pay more than that for the Delta even if it includes some tools and chucks.

Hello Chris
i have the same lathe and it is ok for starting out with but it does have it's limitations.
the bronze bearing on my pully did break but i ended up making my own instead of replacing it with the factory parts.
the speed control is not that great but it is effective when everything is working right.
i bought mine off of craigs list for 350.00 and they threw in some turrning chisels and calipers, i dont know if i would have gone for 500.00.

I don't know if John's Nova Comet is the 1st or the new comet 2.
Distribution of the Comet 2 was stopped due to decals coming off and the tailstock not being aligned properly. The last time I spoke with the service center they (all two of them) were having to unpack, check, and repack prior to restarting distribution. They did say they were available from the service center now but may not be available in the retail stores until June. They were offering $50 off the $500 base and a free attachment thingie; I don't know if they are still offering that or not but if interested I would bring it up.
The speed is electronic and not the reeves drive.http://novatoolsusa.com/Woodturning-Lathes_c2.htm

Well ... Rikon let the woodturning club I joined have our monthly meetings in their showroom/warehouse, so I've seen the Rikon gear close up a few times now.

Finish seems quite good; motor has been seen to bog down under load (but I think that's probably true of all lathes with motors smaller than 1HP); biggest single drawback -- the tool rest (banjo) clamp seems to work loose frequently. I don't know if that's specific to the unit in the showroom or general across the whole model line. (I have been meaning to let the president of the company know that it's giving a poor impression of the tools, but didn't get to it yet.)

The Rikon is a very good buy. The banjo or tailstock creeping is mostly an adjustment nut underneath. Loosen or tighten so the lever locks down better and it will stop. I've also had the same problem with Delta's and Jets.
My Nova Comet was the old one. What a great machine. The new one seems awfully nice also but I've never turned on one. I just sold my Nova comet a few months ago and purchased the new Delta 46-460. So far a very good machine.

It depends. I had that lathe. Turned a lot of things on it. Thought it was a good lathe until I actually got a good lathe. It vibrates a lot due to poorly machined adjustable pulleys. The slow speed
Is too fast for rough green bowls. The speed pulleys have a tendency to break a d I do t know if you can still get replacements.
If its really cheap I'd look at it. If not I'd look for something else. I purchased a No a mini lathe to use while waiting for the replacementpueys for mine. The mini lathe ran so much smoother I sold the delta as soon as I got it repaired

Does anyone know where I can purchase a V-belt for a Delta 46-700 wood lathe? I'm having a hard time cross-referencing. I think that I have the NSN number . . .

just measure the belt size a piece of string would work and take it to a local auto parts they should be able to match the size if you can't find one .
As note in a previous reply you should start a separate thread it may help someone else who needs the belt if they do a search.